It takes much more effort to pay off your credit card balance than just making the minimum payment month after month without any goal in sight. When the balance you carry is incurring interest charges day by day, it will snowball quickly and make your debt much harder to clear than it originally was. If you don't already know, credit card interest rates are usually very high.

Like it or not, the longer you take to pay off your credit card balance, the more interest you have to pay overall. Also, the larger your balance is, the more interest you have to pay. That is why it's always a good idea to pay off as much as you can than just sticking to making minimum payments.

Figure out how much you credit card debt you have. Do you carry a balance on one credit card or a few cards? If you carry a balance on several different credit cards, you can make minimum payments on all your cards monthly and apply any extra funds you have toward the credit card with the highest interest rates or the card with the lowest balance. Make sure to never skip making the minimum payments while you work your way through clearing your credit card debt across different cards. Sure, it takes time to see progress but have confidence that you will get there.

If you are determined to pay off your credit card balance while cutting down on interest payments altogether, you can also explore the option of transfering your existing balance to a balance transfer credit card, low-interest credit card or a credit card that offers a 0% introductory APR for a certain number of months or billing cycles. The key is to pick a suitable card - one that you qualify for with your credit score - with a lower interest rate than the interest rate your balance is currently incurring.

However, keep in mind there is usually a balance transfer fee that goes along with your balance transfer transaction. There are some cards that offer no balance transfer fee or a $0 intro balance transfer fee offer. Each credit card is different, so scrutinize the card's balance transfer policy before you apply for the card and make the balance transfer.

Check if your credit card company is able to help you come up with a payment plan that you can stick to. Focus on paying off your credit card balance consistently every month before the due date. Make sure to not miss any payment!

It pays to reprioritize your budget, too. Start budgeting if you haven't already and see which areas of your spending you can afford to cut back on. Channel those freed up funds to paying off your balance. Also, it is extremely important that you resist the urge to use any credit card to avoid racking up any new debt while you work on paying down your debt.

Denise Bay is a staff writer at Email: